In The News

Recent work by organizations involved in the Miami-Dade consortium – led by NHS of South Florida – is highlighted in this article for projects and plans for “The Triangle,” an area known for its drug trafficking and other criminal activity. Through partnerships and funding projects, this struggling part of town is undergoing an “extreme makeover” as part of the consortium’s NSP funding. Activities include new trees, new medians and a park as well as plans for affordable homes, business development and a recreation center.

This article highlights the ups and downs associated with households that “double up” because of employment and/or economic woes. These newly formed multifamily households may include grandparents, cousins or siblings living together to avoid homelessness, foreclosure or poverty. This demographic shift has influenced the most recent census, which has reported an 11.7% jump in multifamily households over the past two years. Although the trend makes sense in times of economic turmoil, it can also lead to social stress and family conflict.

This article provides a picture of the foreclosure crisis and its victims, clearly showing how the issue has affected homeowners from all walks of life and income levels. Although the subprime mortgage issue was at the core of the crisis, the effects of the crisis quickly spread and created bigger problems in local and larger economies. As employment rates weakened, the foreclosure problem grew, and by the end of 2008, one-sixth of homeowners were experiencing negative equity – or owed more on their homes than they were worth.

The Near Westside Initiative has completed its first major renovation project involving redevelopment of an empty warehouse. The building will include a blend of commercial and residential units and many commercial spaces will have ties to Syracuse University. About 6,000 square feet of the building will be for commercial space and10 units will be rental housing.

The Urban Institute has published a study showing that homeowners who work with housing counselors do better with their loan modifications than those who do not use the services of a counselor. Of the borrowers in the study, 36% of those who received counseling re-defaulted on their loans, compared to 49% of those who did not receive counseling.

Fannie Mae study shows that most Americans still want to buy homes, but that renting has become more acceptable to many as well. These trends reflect lifestyle and demographic shifts in the United States and could have a longer-term impact on the housing market.

The Wells Fargo Foundation has granted $200,000 to Builders of Hope, a nonprofit housing agency in Charlotte, which will use the funds to renovate homes in the Lincoln Heights neighborhood. These funds are part of Wells Fargo’s Leading the Way Home Priority Markets program.

Groups in New York State are looking at buying foreclosed condos and transforming them into affordable multifamily properties, a trend that is creating win-win situations for developers, banks and renters.